Growing 23 Percent, Bank Jago Earns IDR 50 Billion Net Profit

JAKARTA - PT Bank Jago Tbk recorded net profit growth in the first semester of 2024.

As of the end of June 2024, Bank Jago posted a net profit after a tax of IDR 50 billion or grew 23 percent from the acquisition in June 2023 of IDR 41 billion.

Bank Jago President Director Arief Harris Tandjung said that a business model that prioritizes innovation and collaboration with the digital ecosystem is the key to Bank Jago's success in sustainable business growth, both in terms of customer numbers, third party funds (DPK), and lending.

As of July 2024, customers from funding through the Jago Application have reached more than 10 million. If calculated, including lending customers, the total number of Bank Jago customers reached 12.5 million. Strategic ecosystem partners, including the GoTo ecosystem and the Bibit online mutual fund platform, which are seamlessly connected to the Jago Application, make a significant contribution to the growth of the bad Bank business.

"This can be seen from the number of funding customers. The Jago application, which is 66 percent, comes from ecosystem partners," he said, Friday, July 26.

He continued, the growth of Jago Application users was in line with the collection of DPK which reached Rp14.8 trillion until the end of the second quarter of 2024 or grew 47 percent compared to the same period last year of Rp10.1 trillion.

As much as 61 percent of the total DPK or IDR 9.1 trillion is the current account and savings account (CASA), while the remaining 39 percent or IDR 5.7 trillion is the term deposit (TD).

Through collaboration with various partners (partners), such as ecosystems and digital platforms, financing companies, and other financial institutions, Bank Jago managed to disburse loans of IDR 15.7 trillion at the end of the second quarter of 2024 or grew 40 percent from the same period last year of IDR 11.2 trillion.

Arief added that credit distribution is carried out in quality and prioritizes the principle of prudence as reflected in the low ratio of gross non-performing loans (NPL) of 0.4 percent.

"This further strengthens our belief that innovation and collaboration with the digital ecosystem are the right business models for Bank Jago," he said.

Arief said, quality credit growth pushed Bank Jago's assets to IDR 24.2 trillion per semester I-2024 or grew 29 percent from the same period last year of IDR 18.9 trillion.

The capital adequacy ratio (CAR) reached 50 percent, showing the strong level of capital to support future business expansion.